Journal Entry Accounting

Journal Entry Accounting

12th Grade

15 Qs

quiz-placeholder

Similar activities

Człowiek przedsiębiorczy, negocjacje i komunikacja

Człowiek przedsiębiorczy, negocjacje i komunikacja

9th - 12th Grade

10 Qs

Business Ownership Structures

Business Ownership Structures

10th - 12th Grade

10 Qs

google colaboratory latihan

google colaboratory latihan

4th Grade - University

17 Qs

Financial Services Basics

Financial Services Basics

9th Grade - Professional Development

14 Qs

Supply and demand

Supply and demand

12th Grade

10 Qs

CUEGIS

CUEGIS

11th - 12th Grade

10 Qs

Critical Thinking

Critical Thinking

9th - 12th Grade

10 Qs

Journal Entry Accounting

Journal Entry Accounting

Assessment

Quiz

Business

12th Grade

Medium

Created by

Thomas Niksich

Used 35+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Charlotte, William, and Arjun started a small business together. Why do they need to record their business transactions in bookkeeping?

To measure the performance of their business

To manage their business's cash flow

To keep their business's financial matters organized

All of the above

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Scarlett, Ethan, and David are running a small business. They initially thought of using T Accounts for their accounting needs. However, they found it not practical for day-to-day use. What could be the reasons?

They take up too much space in their small office

It's easy for them to miss a side of a transaction due to the volume of transactions

They found T Accounts difficult to understand

They found T Accounts not visually appealing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Arjun started a small business and made a few transactions. What is the purpose of Arjun making a journal entry in his business?

To record a financial transaction

To calculate the total assets of his business

To prepare financial reports for Grace and Lily, his business partners

To manage cash flow in his business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anika, Aiden, and Aria are members of the school's accounting club. They are discussing the purpose of the journal entry date in their accounting records. Aiden asks, 'What is the journal entry date used for?'

Anika suggests, 'To identify the journal.'

Aria says, 'To determine the accounting period.'

Aiden thinks, 'To calculate the total debits and credits.'

Anika also considers, 'To manage cash flow.'

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anika started a small business and she made a journal entry. Which account is she likely to indent in her journal entry?

Cash

Owner's Equity

Laundry Costs

Accounts Payable

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

David, Ava, and Evelyn are working on a group project in their accounting class. They are making a journal entry but they notice that the totals of the debit and credit columns do not match. What happens in this situation?

The journal entry they made is invalid

The accounting equation they are working on does not balance

The journal entry they made cannot be posted

The journal entry they are working on is incomplete

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Arjun is working on an accounting software. He comes across a feature called 'automatic journals'. What could Arjun use these automatic journals for in his software?

To record adjusting entries

To record unique transactions

To save time in accounting software

To manage cash flow

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?